Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
After a massive bull run in the first three weeks of June 2019, the crypto market entered a major correction losing $60 billion in the last week. In the last 24-hours, Bitcoin has lost 7.5% consolidating at $11,000 levels.
Last week has been pretty volatile for Bitcoin (BTC) and the overall cryptocurrency. On Thursday, June 27, Bitcoin ended its massive bull run losing $3000 in a single day. According to the weekly chart on CoinMarketCap, Bitcoin price slipped from over $13,600 levels to making a low of $10,605 within 24-hours.
Although Bitcoin tried to cover the lost ground, the bulls couldn’t push the price northwards above $12,400 levels. In the last 24-hours, Bitcoin price has lost 7.5% and is currently trading at $11,113. With the latest price correction, Bitcoin’s market cap slips below $200 billion currently at $197 billion.
However, despite last week’s major correction, Bitcoin continues to dominate over 60% of the overall cryptocurrency market. On the other hand, the daily trading volumes for Bitcoin are currently at $29.1 billion.
Overall Crypto Market Falls As Altcoins Lose Steam
The ripple effect of Bitcoin’s fall on Thursday was seen across the entire cryptocurrency market. On Thursday, the overall cryptocurrency market lost $80 billion slipping from $386 billion to make a low of $307 billion. Besides if we see the global market weekly chart, the market volatility resembles a huge similarity to the Bitcoin price movement. At the press time, the overall market cap stands at $321 billion.
Along with Bitcoin, major altcoins witnessed a plunge over the last week. Bitcoin’s immediate competitor and the world’s second-largest cryptocurrency Ethereum lost nearly 15% last week. Today, Ethereum (ETH) is trading 6.5% down and has slipped below its crucial support of $300.
At the press time, Ethereum is trading at a price of $296 with a market cap of $31 billion. In the last week, Ethereum lost $50 price, however, its year-to-date returns are currently at over 100%. In another milestone, the Ethereum network exceeded 1 million daily transactions last Friday, June 28. This happened for the first time since May 2018.
XRP hasn’t performed really well up to investors expectation even during the bull run over the last three months. However, in last week market correction, XRP lost close to 20% slipping from $0.48 to now at $0.40. Although, it still continues to be the third-largest cryptocurrency with a market cap of over $17 billion.
XRP’s immediate successor Litecoin remained volatile in the last week. However, it has still been a decent performer in the massive crypto market fall. On Thursday, June 27, Litecoin lost $20 slipping from $133 to $113. However, it has recovered partially and is currently trading at $123 with a market cap of $7.6 billion. In terms of percentage returns, Litecoin has outperformed BTC with nearly 250% returns year-to-date.
Over the last week, Bitcoin Cash (BCH) has lost $100 all the way from $506 to now at $409 levels, at the press time. Bitcoin Cash is just below Litecoin. It is currently the fifth-largest cryptocurrency with a market cap of $7.3 billion. Since the beginning of 2019, Bitcoin Cash has surged by nearly 150% so far.